One Nation Under Debt: Hamilton, Jefferson, and the History of What We Owe (PERSONAL FINANCE & INVESTMENT) - Hardcover

Wright, Robert E.

Hardcover

ISBN 10: 0071543937 ISBN 13: 9780071543934

Publisher: McGraw Hill, 2008

Synopsis

Like its current citizens, the United States was born in debt-a debt so deep that it threatened to destroy the young nation. Thomas Jefferson considered the national debt a monstrous fraud on posterity, while Alexander Hamilton believed debt would help America prosper. Both, as it turns out, were right.

One Nation Under Debt explores the untold history of America's first national debt, which arose from the immense sums needed to conduct the American Revolution. Noted economic historian Robert Wright, Ph.D. tells in riveting narrative how a subjugated but enlightened people cast off a great tyrant-“but their liberty, won with promises as well as with the blood of patriots, came at a high price.” He brings to life the key events that shaped the U.S. financial system and explains how the actions of our forefathers laid the groundwork for the debt we still carry today.

As an economically tenuous nation by Revolution's end, America's people struggled to get on their feet. Wright outlines how the formation of a new government originally reduced the nation's debt-but, as debt was critical to this government's survival, it resurfaced, to be beaten back once more. Wright then reveals how political leaders began accumulating massive new debts to ensure their popularity, setting the financial stage for decades to come.

Wright traces critical evolutionary developments-from Alexander Hamilton's creation of the nation's first modern capital market, to the use of national bonds to further financial goals, to the drafting of state constitutions that created non-predatory governments. He shows how, by the end of Andrew Jackson's administration, America's financial system was contributing to national growth while at the same time new national and state debts were amassing, sealing the fate for future generations.

About this title

From the Back Cover:

The Untold History of America's First Debt and its Relevance in Today's Economy

"Wright tackles the thorny question of what makes countries wealthy through the lens of a U.S. addiction: government indebtedness."
-Simon Constable, TheStreet.com

"Think that our burgeoning national debt is something new? We've been down this road before. One Nation Under Debt traces the roots of today's looming fiscal crisis back to the birth of the republic and shows how the founding fathers averted financial Armageddon."
-William Bernstein

"This is economic history both high and low-from Alexander Hamilton, the wizard who put America's finances in order, to the men and women who secured America's future by buying its bonds."
-Richard Brookhiser

"This book is magnetic. Wright regales us with the bankers and merchants, slaveholders and bondholders, and pen-named politicians of the Early Republic."
-James W. Mueller, Ph.D., Chief Historian, Independence National Historical Park

"If I could write like Wright, I would be thrilled. Some passages in the book are stunning--almost poetic. For anyone interested in the evolution of the U.S. economy and its early financial system, the first six chapters of this book are essential. Wright makes his point: under skilled management (e.g., Hamilton), debt is good for deepening capital markets, but incurred excessively to finance wars or inappropriate government expenditures, it can eventually prove disastrous."
-Richard Vietor, Harvard Business School, Journal of American History

Synopsis:

A noted economic historian reveals the political and economic battle behind early America's first national debt and its continued legacy today. Since the Revolutionary period, our leaders have warred over the role of debt and finance in building a great nation. In "One Nation Under Debt", noted historian Robert E. Wright expertly explores the story of our first U.S. national debt, which arose during the Revolution and was extinguished during the presidency of Andrew Jackson.Throughout the book, he examines in detail the seminal events that spawned profound changes in the structure of the U.S. financial system and the nature of debt. The author first explains the political and economic importance of government debt markets. He then looks at the long-term development of national debt and the pro-debt views of Alexander Hamilton and those of critics like Thomas Jefferson. Wright also describes Andrew Jackson's complete repayment of the national debt-offering concrete lessons that can help in handling our current and future debt.

About this edition

• Publisher: McGraw Hill
• Publication date: 2008
• ISBN 10: 0071543937
• ISBN 13: 9780071543934
• Binding: Hardcover
• Number of pages: 256